Thyssenkrupp abandons Tata merger plans, cuts 6,000 jobs

German industrial conglomerate Thyssenkrupp said on Friday it was scrapping merger plans with Indian steel giant Tata and would slash 6,000 jobs worldwide in a structural shakeup.

Having shelved the plans and ruled out offering more concessions to Brussels to get a green light, Thyssenkrupp said it was now aiming for a stock market listing of its elevators business as part of a restructuring. The group had planned 4,000 job losses, half of them in Germany, if the merger had been successful, but its collapse means the conditional agreement already negotiated with the unions “is no longer valid”, admitted Kerkhoff.

The flurry of announcements saw Thyssenkrupp’s stock soar, up 22.43% to €13.76 by early afternoon on Frankfurt’s stock exchange, while Tata Steel shares closed down 6.1% in Mumbai.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Clouds over Tata Steel UK plant after merger collapseThe future of Tata Steel's main European operations faced fresh uncertainty after German industrial conglomerate Thyssenkrupp scrapped merger plans.
Источник: eNCA - 🏆 49. / 51 Прочитайте больше »

Clouds over Tata Steel UK plant after merger collapseThe future of Tata Steel's main European operations faced fresh uncertainty after German industrial conglomerate Thyssenkrupp scrapped merger plans.
Источник: eNCA - 🏆 49. / 51 Прочитайте больше »

SAB shareholders may have won the most in AB InBev mergerConditions in the funding and beer-drinking market have become tougher since the mega-deal Jack_Mabena ey cuz... 👀
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »

Antitrust watchdog blocks $11bn merger of Vodafone’s Australian business with TPG TelecomCompetition commission says deal would reduce rivalry in cellphone and fibre markets
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »